United Technologies (UTX), maker of Otis elevators, Sikorsky helicopters, Pratt & Whitney jet engines, and Carrier heating and cooling systems, is having a good 2011. While other industries are reeling from the fallout of the Great Recession or the Japanese earthquake, life apparently goes on as normal for United Technologies. The company reported first quarter 2011 earnings per share of $1.11 and net income attributable to common shareowners of $1 billion, up 19 percent and 17 percent, respectively, compared to the same quarter in 2010.

Total revenue for the quarter increased 11 percent to $13.3 billion. "This was another solid quarter for UTC with broad-based acceleration in organic growth, as well as strong earnings momentum and cash generation," says Chairman and CEO Louis Chênevert.

"Nearly 20 percent growth in earnings per share reflects excellent conversion, especially as we continued to increase our investments in game-changing products and technologies."

Analysts like United Technologies. Argus raised its recommendation to buy from hold. William Blair has assigned an outperform recommendation on the company stock.

Rising earnings

Things should continue to pick up as the year progresses, says management. "We are raising the full year earnings per share expectation to $5.25 to $5.40, from $5.20 to $5.35 previously. We now anticipate 2011 EPS growth to be 11 to 14 percent on sales growth of 5 percent,” Chênevert says.

"The global economic recovery continues to gain traction as evidenced by the momentum of our end markets and we now expect 2011 sales of $57 billion, at the high end of our prior range of $56 billion to $57 billion."